Lisanti Capital Growth LLC Takes $4.35 Million Position in Remitly Global, Inc. $RELY

Key Points

• Lisanti Capital Growth LLC acquired 194,070 shares of Remitly Global worth approximately $4.35 million, while institutional investors collectively own 74.25% of the company.
• Remitly reported strong quarterly results, with adjusted earnings of $0.93 per share versus the $0.12 consensus estimate and revenue of $495.16 million, up 20.2% year over year.
• Analysts maintain a favorable outlook, with a consensus “Buy” rating and an average price target of $27.67; however, insiders sold $12.4 million of stock over the past 90 days.

Lisanti Capital Growth LLC bought a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 194,070 shares of the financial services provider's stock, valued at approximately $4,349,000. Lisanti Capital Growth LLC owned about 0.09% of Remitly Global as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings in Remitly Global by 45.4% during the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider's stock valued at $49,000 after buying an additional 677 shares during the last quarter. California State Teachers Retirement System grew its holdings in Remitly Global by 0.5% in the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider's stock worth $2,550,000 after acquiring an additional 679 shares during the last quarter. Main Management ETF Advisors LLC grew its holdings in Remitly Global by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider's stock worth $1,329,000 after acquiring an additional 984 shares during the last quarter. Empowered Funds LLC increased its position in shares of Remitly Global by 2.9% in the first quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider's stock valued at $589,000 after acquiring an additional 1,050 shares during the period. Finally, New York State Teachers Retirement System increased its position in shares of Remitly Global by 8.4% in the fourth quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider's stock valued at $210,000 after acquiring an additional 1,184 shares during the period. 74.25% of the stock is owned by hedge funds and other institutional investors.

Remitly Global Stock Down 1.5%

Shares of RELY stock opened at $25.06 on Thursday. The stock has a market cap of $5.30 billion, a price-to-earnings ratio of 18.03 and a beta of 0.34. The business's fifty day moving average is $23.15 and its 200 day moving average is $19.74. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $27.15.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, beating the consensus estimate of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The business had revenue of $495.16 million during the quarter, compared to analyst estimates of $486.25 million. During the same quarter last year, the firm posted $0.03 earnings per share. The company's revenue for the quarter was up 20.2% on a year-over-year basis. Equities research analysts expect that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RELY has been the subject of a number of analyst reports. Cantor Fitzgerald increased their target price on shares of Remitly Global from $28.00 to $30.00 and gave the stock an "overweight" rating in a report on Monday, August 10th. The Goldman Sachs Group boosted their price target on Remitly Global from $27.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, July 9th. Monness Crespi & Hardt reaffirmed a "buy" rating on shares of Remitly Global in a research report on Thursday, August 6th. KeyCorp upped their price target on Remitly Global from $28.00 to $33.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Finally, Wolfe Research reiterated an "outperform" rating and issued a $31.00 price objective on shares of Remitly Global in a report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Remitly Global has a consensus rating of "Buy" and an average price target of $27.67.

Insider Activity at Remitly Global

In other Remitly Global news, CFO Vikas D. Mehta sold 25,000 shares of the company's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total value of $526,750.00. Following the sale, the chief financial officer owned 988,004 shares in the company, valued at approximately $20,817,244.28. This represents a 2.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Phillip John Riese sold 160,182 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $24.94, for a total transaction of $3,994,939.08. Following the transaction, the director directly owned 361,094 shares of the company's stock, valued at $9,005,684.36. This represents a 30.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 522,692 shares of company stock worth $12,398,386 over the last 90 days. 6.53% of the stock is currently owned by insiders.

Remitly Global Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.

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